3rd update of the stimulus check: payments start in March; how much you could get and who is eligible? – Community News
Stimulus Check

3rd update of the stimulus check: payments start in March; how much you could get and who is eligible?

The third round of stimulus checks — up to $1,400 per person — will begin this month, President Joe Biden said.

The Senate approved Biden’s $1.9 trillion coronavirus relief bill, which includes a third round of stimulus payments. Even with a change in eligibility, Biden said more than 85% of U.S. households will receive a payment.

The incentive package includes payments of $1,400 for individuals and dependents and $2,800 for married couples. Individuals earning up to $75,000 and couples earning up to $150,000 are eligible for the full payments, with amounts falling incrementally above those levels before reaching the limit.

Past incentive payments include at least partial eligibility for individuals earning up to $100,000 or couples earning up to $200,000. The new incentive package lowers that eligibility for individuals earning $80,000 or more or couples earning $160,000 or more.

An analysis by the Institute of Taxation and Economic Policy estimated that 11.8 million fewer adults and 4.6 fewer children would be eligible for benefits. The bottom 60% of Americans by income would see no difference in the size of the checks they receive, the analysis said.

The previous two COVID-19 stimulus packages included payments of $1,200 and $600, respectively.

When do the payments start?

Once signed by Biden, the IRS could immediately begin processing relief checks. IRS officials previously said it would take about two weeks to see the first payments to those with direct deposit information on file, followed by the mailing of paper checks and debit cards.

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